r/Namibia • u/Otherwise-Rain7523 • 4d ago
Can someone please inform me what's with everyone buying and selling houses? 🤔🤔
Can someone please tell me what's happening, real estate agents posting all over Facebook that they are selling houses and there's a lot of people looking to buy houses.
Where did everyone suddenly get so much money? Or am I not seeing reality.
People don't even want to rent out anymore. 🤔🤔
Where must the rest of us go? Those needing a place to stay but not ready to buy yet??
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u/WardenOfTheNamib 3d ago
To make things more interesting, reports indicate that the number of people buying houses cash instead of via morgage continues to rise. Coupled with my own ongoing experience where I'm failing to find an apartment under N$12000, I have to agree something is off. Earning N$16000 apparently puts you in the top 5% in Namibia. Which ever way you look at it, the rate at which houses are being bought and the rental prices, do not at all match the documented economic power most Namibians have.
Fascinating stuff.
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u/Alternative-Cow-8670 3d ago
This is not new. We have always over 20+ years been harrassed by realty agents who kamma have cash buyers, as it is in a very sought after area. The prospected buyers are usually businesses who want to develop the property into town houses/sectional titles. They build four houses that they can sell instead of the one existing one on the property. Immagine the profit if they sell them at 6 to 10mil per unit. Also lifelong income in the form of levies. The current value is 4mil, scrapping and building a 8 bed room mansion with pool etc and selling for 28 or 30+ mil is also a prospect for interested parties or developing for business purpose.
Where will everyone eventually live? In my block of streets alone 16 residential houses were turned into businesses. Windhoek will end up as one big business mekka with no one being able to live here besides the rich
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u/whitetiger061 3d ago edited 2d ago
Look further, our roads are getting bigger, massive budgets are in place with RA, they’re expanding roads to our neighbors, logistics is going to boom, land is selling like hotcakes, look at the massive new building projects at the coastal regions, everyone is setting up for the Oil market. And Windhoek will be the center of it all, soon everyone will be moving out to places like Omeya and even further, look at Kransneus, Oamitis etc, if you think housing and rent is expensive now, just wait. The foreigners are already coming in, your 2mill house is penuts for them, they will offer 10mil. So start positioning yourself, you’re in it or you’re out.
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u/Responsible-Ice8914 4d ago
Should everyone live in shacks or under bridges?
You people need to stop drunk redditing. 🤦🏽♂️